The new report by Expert Market Research titled, ‘Global Cross-Laminated Timber Market Size, Share, Growth, Price, Report and Forecast 2020-2025’, gives an in-depth analysis of the global cross-laminated timber market, assessing the market based on its segments like applications, product types, element types, raw material types, bonding methods, panel layers, adhesive type, press types, storey class, end-uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2015-2025)
1. Historical Market Size (2019): USD 780 Million
2. Forecast CAGR (2020-2025): 13%
3. Forecast Market Size (2025): USD 1624 Million
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The rise in construction projects, an increase in demand from the education sector, and growth in the residential and non-residential sectors are propelling the overall market for cross-laminated timber forward. The demand for wooden residential buildings is witnessing an increase owing to their aesthetic appeal and design flexibility. The rise in the awareness about the environmental hazards caused by the use of cement concrete in construction is expected to drive the market in the forecast period. Government support is further expected to fuel the cross-laminated timber market growth.
Industry Definition and Major Segments
Cross-laminated timber is an engineered wood, that has its application in products with higher load handling capabilities. The product was first developed in the Alpine countries of Europe. The product is manufactured with three layers of solid-sawn wood, which are bound together with an adhesive or mechanical pressure. This kind of engineering increases the rigidity of the product.
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On the basis of application, the market is divided into:
1. Residential
2. Educational Institutes
3. Government/Public Buildings
4. Commercial Spaces
5. Others
By product type, the industry is segmented into:
1. Custom CLT
2. Blank CLT
Based on element type, the market is divided into:
1. Wall Panels
2. Flooring Panels
3. Roofing Slabs
4. Others
On the basis of raw material type, the industry is segmented into:
1. Spruce
2. Pine
3. Fir
4. Others
By bonding methods, the market is bifurcated into:
1. Adhesively Bonded
2. Mechanically Fastened
Based on panel layers, the industry is categorised into:
1. 3-Ply
2. 5-Ply
3. 7-Ply
4. Others
On the basis of adhesive type, the market is segmented into:
1. PUR (Polyurethane)
2. PRF (Phenol Resorcinol Formaldehyde)
3. MUF (Melamine-Urea-Formaldehyde)
4. Others
By press type, the industry is divided into:
1. Hydraulic Press
2. Vacuum Press
3. Pneumatic Press
4. Others
Based on storey class, the industry is segmented into:
1. Low-Rise Buildings (1-4 Storeys)
2. Mid-Rise Buildings (5-10 Storeys)
3. High-Rise Buildings (More Than 10 Storeys)
By end-uses, the industry is categorised into:
1. Structural Applications
2. Non-Structural Applications
The regional markets for cross-laminated timber include:
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa
Market Trends
Attributes of cross-laminated timber, such as fire and earthquake resistance abilities, are contributing to its rapid adoption. Government initiatives to encourage people to switch from non-renewable to renewable materials for construction are expected to boost the global cross-laminated timber market. The novel phenomena of green construction under, which the building’s design, construction, or operation, reduces or eliminates negative impacts, and creates a positive impact on the environment, is informing the rapid switch to cross-laminated timber. Europe is the leading region as the region was the earliest to adopt cross-laminated timber, and countries like Austria and Germany have conducted several research and development programmes on the product.
Key Market Players
The major players in the market are Stora Enso Group, Binderholz GmbH, Mayr Melnhof Holz Group, Schilliger Holz AG, KLH Massivholz GmbH, HASSLACHER Holding GmbH, Sterling Company, Structurlam Mass Timber Corporation, Nordic Structures, and Eugen Decker Holzindustrie KG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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